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As the new year begins, it’s a great time to reflect on the past and start planning for the future. One important aspect of this planning should be considering your estate and tax planning. Here are a few reasons why the new year is a good time to think about these important issues:

1. New laws: Every year, there are changes to tax laws that can affect your financial planning. By reviewing your estate and tax planning at the beginning of the year, you can ensure that you are taking advantage of any new tax laws that might benefit you.
2. Update your estate plan: Life is constantly changing, and your estate plan should reflect these changes. If you have experienced any significant life events in the past year, such as changing jobs, getting married, having a child, or experiencing a death in the family, it is important to update your estate plan to ensure that your assets will be distributed according to your wishes and that your beneficiaries are designated correctly.
3. Plan for the future: Estate and tax planning is not just about what happens when you die. It’s also about planning for your financial future and the future of your loved ones. By reviewing and updating your estate and tax planning, you can ensure that you have a plan in place to provide for your loved ones and to minimize taxes on your estate.
4. Get organized: The new year is a great time to get organized and review all of your financial documents. This includes your estate planning documents, such as your will, trust, and power of attorney. By getting organized and reviewing these documents, you can make sure that they accurately reflect your wishes and that your loved ones will know what to do in the event of your death or incapacitation.
5. Be Proactive about giving: The new year is a great time to consider making charitable contributions, which can not only benefit the recipient organization but also reduce the size of your taxable estate. If you are considering making a significant charitable contribution, it’s important to review your estate and tax plan to ensure that the contribution will have the desired tax benefits.

In conclusion, the new year is a great time to think about your estate and tax planning, something most people have been putting off for too long. By taking the time to review and update your plans, you can ensure that your assets are distributed according to your wishes and that you are taking advantage of any new tax laws. It’s also a great opportunity to get organized and review your financial documents to make sure that everything is in order. So, don’t delay – start thinking about your estate and tax planning today!